Calgary police say one man has been charged for allegedly defrauding several people of more than $1.3 million in a Ponzi scheme dating back to 2020.
Investigators say seven people have come forward claiming they were defrauded by 52-year-old Brian Robert Gunsten.
Between January 2020 and February 2021, it’s believed Gunsten approached multiple people with an investment opportunity claiming to be low-risk with high returns.
The investment opportunity consisted of asking victims for a short-term loan to buy wine that would later be resold to a confirmed buyer.
Police explain Gunsten promised to repay the loan within a short timeframe, including interest. But, after failing to receive repayment, the victims determined the investment opportunity was a scam.
Investigators believe the wine wasn’t bought and resold for profit, instead, the suspect used the funds from new victims to make payments to previous victims, leaving many empty-handed.
Bank records obtained by police confirm money given by the victims was deposited into accounts belong to Gunsten and not used in the way described to victims.
Gunsten has since been charged with fraud over $5,000 and money laundering.
His next court appearance is scheduled for Monday, Sept. 16.
Anyone with information about this or similar incidents is asked to contact police at 403-266-1234 or tip anonymously through CrimeStoppers.